Johnstone Co. uses the periodic inventory system. The following information about their inventory of Model ZZ Mountain Bicycles is available: During the year, 235 bicycles were sold at a price of $1,500 each. Other operating costs equaled $80,000 and their tax rate is 30%. Round final answers to the nearest dollar. What was ending inventory and cost of goods sold on 12/31 under the FIFO cost flow assumption? $51,000 and $194,100 $48,200 and $196,900 $49,851 and $195,249 None of the above. What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption? $51,000 and $194,100 $48,200 and $196,900 $49,851 and $195.249 None of the above. In the case of a cash dividend, a dividend liability comes into existence on the date of declaration. date of record. date of dividend payment. last day of the month in which the dividend is declared. None of the above is correct. Haloran reported the following asset and liability balances at the end of 20D and 20E During 20E, cash dividends of $80,000 were declared and paid. Additional capital stock was issued for $100,000. Therefore, the net income (or net loss) for 20E was $400,000 $480,000 $380,000 $300,000 none of the above